๐Ÿ’ฐ How to pay a taxes on poker cash game winnings - Quora

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What about cash games? Could they even tell if you don't file taxes, because how would they know? Would you have to list this as your main.


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Yes. Your gambling winnings become taxable when the money is credited to your poker account - not when the money is transferred to your bank account. This.


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If your dad would have won money on the slot machines(And the amount was high), the casino would have given him a W2G to fill out right.


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Legislation for Poker & Income Taxes for Poker Players Discussions of various poker-related laws and steps players can take to push for better.


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I'm a mid-stakes cash game grinder (around 30 hours a week) with a part my poker income and bankroll are % "off the grid," and the annual taxes I file areโ€‹.


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What about cash games? Guess I am an honest man, but I was raised betting on horses and the like and all winnings being reported. So no taxes on any gambling winnings Instead I think they get the tax revenue by heavily taxing gambling operators. Anyone know what the rules in Canada are for this? Join Date: Apr I'm not a tax pro but Riess moving to the UK to avoid taxes sounds kind of fishy, first of all US citizens are taxed on income earned abroad, secondly the UK is one of the countries with the highest tax rates worldwide. I wouldn't be charged taxes in Australia, but then it's an event run in America by American casinos. Thats like 5 years salary for many people!{/INSERTKEYS}{/PARAGRAPH} I like it here in Aus no taxes on winnings. Join Date: Nov I agree - pay your taxes, and if you have legit expenses , claim them , if you don't know what you are allowed for expenses - find out from the IRS or the CRA or whoever you need to from your government in your country. Join Date: Oct You can move to another country if they will let you live there - but if it is after you win the money you still have to pay taxes on it. No way. If they don't, then it's likely that double taxation will be kicking in. No getting out of taxes no matter where you live. Join Date: Mar Let's first have legal poker at the national level then we can talk about taxes. May 26th, , PM. Could they even tell if you don't file taxes, because how would they know? Ok well say you won the WSOP, and you got your huge stacks of cash Hypothetically, if you just walked away this isn't about somebody robbing you but would it be found out? I would never give up US citizenship for a lousy k. Always pay the taxes that way there is nothing to worry aboutnSkist around it and getting caught will cost more in the end. Here in Australia they don't consider anyone to be a professional gambler and recognize that often gambling winnings will barely cover what people lose gambling. Join Date: Jul I would never skip out on paying taxes. I personally feel like almost every pro either lies greatly about their taxes or doesn't pay them, thoughts? Join Date: Dec You can also claim your losses. Each person has to work out which method is best for them. There probably are a lot of people who don't claim their cash game winnings - but you are supposed to. Join Date: Jan I know you are supposed to file taxes, but can you avoid it? Also, if you fill it put as you are a gambler lot of expenses cam be a "wrote off" as for winning the main event and not wanting to pay taxes And trust me they arent even taking half of your winnings. Like others have said, the key is to track your losses, because you can deduct those from the taxable income. May 27th, , AM. There is one solution I am able to provide to u. Would the casino have to withhold anything? And if those places are untaxed and America is not, why not just have it in a tax-haven? I file my own taxes and I claim my profits after my losses are deducted. In that case, like you want to pay 25K tax bill, you may spend like about 10K or a little more to buy that tax credit. Expats who have lived overseas for years still have to file tax returns with the IRS, this is one of the factors that cause some to renounce their US citizenship. Keep all receipts You need proof of wins, loses , and expenses I wish I had enough income from playing poker to report!!!! What if you were like Stuey Ungar, and you admittedly went and blew it on horses how would you prove it? Originally Posted by Carl Trooper. Remember Me? Taxes also help pay for things like the roads you drive on, the schools you should go to to get a better job so you don't have to rely on poker. This is a discussion on Taxes on Poker Winnings within the online poker forums, in the General Poker section; I know you are supposed to file taxes, but can you avoid it? Not a good idea, ever. One thing I am curious about though is what would happen if I were to win something like the main event? Originally Posted by JPoling. Most of the pros I know have a tax attorney and pay taxes. Actually, you are suppose to pay taxes now. Propane Goat. Taxes on Poker Winnings. You have a choice of filing it as income or as gambling winnings as a hobby. If you need to pay something more than 25K tax bill. And if you win the WSOP haah you seriously worried about paying taxes? Now I haven't had this situation and probably never will, but I am just saying Haha if you want to see how anti-government I am then just look at my other posts lol. Family and friends and security here isnt worth dodging for that. May 25th, , AM. It's a good feeling, not bad to report those winnings. In my country Latvia there is no taxes for gambling wins, that means i am totaly free of paying anything from my winnings? Join Date: May Carl Trooper. May 22nd, , PM. Forgot Password? Originally Posted by Propane Goat. I don't think this will work, you're still a US citizen and that's what the test is for being subject to US income tax. Keep your buy in receipts. I heard that Ryan Riess relocated to the UK technically so he wouldn't have to pay taxes, but can you do that? May 23rd, , AM. But k? May 26th, , AM. You could just argue that you do not have a job and just like to gamble I suppose, therefore not technically having an income. However, if I could buy a house somewhere else and avoid some taxes, absolutely. Otherwise I recommend moving to a location where the taxes are lower. Join Date: Aug Originally Posted by BlakeBrown. Why risk prison time or getting fined. May 24th, , PM. Even then I wouldn't. The advantage of filing as income is that you can also deduct related expenses - but you have to pay social security taxes as well. Would you have to list this as your main income? Now if you told me 10 million could be 10 million oppose to 6? Join Date: Sep I got a project regarding to a business part involving return tax. May 30th, , PM. May 28th, , PM. Do so at your own risk. May 25th, , PM. {PARAGRAPH}{INSERTKEYS}Up your game with free cardschat membership. I know no one wants to pay taxes, but it is a good thing. It is not as bad as you think. Does that make sense?